Swedbank AB Lowers Stock Holdings in Newmont Corporation $NEM

Key Points

• Swedbank AB has reduced its stake in Newmont Corporation by 1.9%, now owning approximately 0.07% of the company, valued at $36.41 million.
• Multiple hedge funds, including Bank of New York Mellon and Northern Trust, have increased their holdings in Newmont, indicating a shift in institutional investment interest.
• Newmont recently posted a quarterly earnings report with $1.43 earnings per share, significantly above analysts' expectations, and announced a $0.25 quarterly dividend.

Swedbank AB reduced its stake in Newmont Corporation (NYSE:NEM - Free Report) by 1.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 754,133 shares of the basic materials company's stock after selling 14,715 shares during the quarter. Swedbank AB owned 0.07% of Newmont worth $36,410,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in shares of Newmont by 8.9% in the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock valued at $773,159,000 after buying an additional 1,306,783 shares during the period. Northern Trust Corp lifted its holdings in shares of Newmont by 1.5% in the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock valued at $624,458,000 after buying an additional 191,940 shares during the period. Amundi lifted its holdings in shares of Newmont by 2.8% in the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock valued at $611,187,000 after buying an additional 343,535 shares during the period. Invesco Ltd. lifted its holdings in shares of Newmont by 2.2% in the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock valued at $518,936,000 after buying an additional 228,116 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Newmont by 16.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after buying an additional 1,331,278 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on NEM shares. The Goldman Sachs Group reissued a "neutral" rating and issued a $60.90 price target on shares of Newmont in a report on Tuesday, July 8th. UBS Group lifted their price objective on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Macquarie cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Stifel Nicolaus started coverage on Newmont in a report on Wednesday, July 9th. They set a "buy" rating and a $73.00 price objective for the company. Finally, Zacks Research cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Four investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $67.38.

Newmont Stock Performance

NYSE NEM opened at $79.25 on Friday. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $80.07. The stock has a market cap of $87.05 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 0.96 and a beta of 0.34. The business has a fifty day moving average of $67.46 and a 200-day moving average of $57.15. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. During the same period in the previous year, the firm posted $0.72 earnings per share. The business's revenue for the quarter was up 20.8% compared to the same quarter last year. As a group, analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. Newmont's payout ratio is currently 17.95%.

Insider Activity

In other news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the sale, the director owned 38,949 shares of the company's stock, valued at $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,246 shares of company stock valued at $1,253,559 over the last quarter. Company insiders own 0.05% of the company's stock.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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